Company A: Every Position, Every Thesis
A full, auditable record of this entity's capital allocation. Cost basis, current mark-to-market, and the written rationale behind each buy — including the positions that haven't worked yet.
Current Holdings Ledger
AAPL — Technology — $148.20 — $189.40 — +27.8%
BRK.B — Financials — $312.00 — $358.75 — +15.0%
MSFT — Technology — $225.50 — $415.20 — +84.1%
All positions shown at cost basis and live mark-to-market. Sector weighting is visible through position sizing. No omissions.
ENPH — Clean Energy — $210.00 — $118.30 — −43.7%
VTI — Broad Index — $180.00 — $238.60 — +32.6%
PYPL — Fintech — $195.00 — $64.80 — −66.8%
The Reasoning Behind Each Buy
Durable Ecosystem Lock-In
Residential Solar Penetration
Checkout Network Defensibility
Entered on the thesis that hardware-to-services conversion would expand margins structurally. Services revenue has compounded at 18% annually since entry. Thesis intact.
Bought on microinverter market share dominance. Rate-environment headwinds compressed installer demand beyond model. Position is under thesis review — not closed.
Entry predicated on branded checkout moat and TPV growth. Competitive erosion from Apple Pay and Stripe was underweighted. This one hasn't worked. It's in the record.
See How Company B Allocates Capital
Company B operates under a distinct mandate with a different sector mix. Same standard of disclosure — full positions, full theses, no omissions.